Tuesday, January 24, 2017

Gold Fundamentals Confirm Up Move

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*We went bullish January 17th after being bearish for several months.

*Price action may be about to confirm a continued move higher.

*Recent fundamentals also confirmed our bullish call.

We had been bearish on gold (NYSEARCA:GLD) for several months until we publicly turned bullish January 17th. What had concerned us was the knee-jerk reaction to inflation would be higher rates. Higher rates would be an alternative investment decision sapping money from gold. Now that inflation is picking up without a corresponding global central bank move gold looks to be on a trajectory higher.

Chart Breaking Out

Source: Interactive Brokers
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